BENGALURU: From just $35 million funds raised between 2010 and 2019, the Indian spacetech sector has already attracted $62 million in funding so far this year, which is a 60% increase as compared to the same period last year. According to recent insights by Tracxn, India ranks seventh in terms of funding within the international spacetech landscape for the year.
In 2020, the sector secured $28 million in funding and it was $96 million in 2021. In 2022, the sector witnessed an impressive $112 million funding. As per experts, after the launch of Chandrayaan-3 mission, venture capital funding and the number of start-ups in this space might increase in the coming years.
“The success of Chandrayaan-3 is sparking a significant rush of interest among both VCs and start-ups in the space sector. VCs are known for seeking high-potential opportunities and will likely view the space sector as a burgeoning field with substantial growth potential. This will increase funding for these start-ups as investors recognise the viability of innovative projects and solutions related to satellite technology, space research, and interplanetary exploration,” Somdutta Singh, founder & CEO, Assiduus Global Inc, LP Investor in several marquee funds, said.
Awais Ahmed, CEO, Pixxel had told this newspaper that ever since the Indian government introduced new space reform initiatives, their support in enabling private companies to address the gaps has only grown further. Pixxel has so far raised $97.10 million in funding, followed by Skyroot at $72.3 million and AgniKul has raised $34.8 million.
Tracxn said in its report that among the thriving business models within the sector, small payload-based launch vehicles have garnered significant attention, securing $75.6 million in funding over the last two years. Satellite-based Imaging Solutions have also witnessed substantial support, with $84.2 million in funding secured over the past two years.
As per reports, there are at least 140 registered spacetech start-ups in the country. Singh added that over the past few years, funding in Indian space tech start-ups has experienced significant growth.